8990 Holdings 9-mth net income jumps 34.8%

Listed mass housing developer 8990 Holdings Inc. posted 2.8 billion in net income in the first nine months of the year, up 34.8 percent from P2.1 billion a year earlier on higher sales of low-cost and medium-rise buildings (MRB).

In its quarterly report posted on the Philippine Stock Exchange website, 8990 said sales surged 44.9-percent in the January to September period to P6.33 billion from P4.37 billion a year earlier.

The company’s low-cost housing sales jumped 42.06 percent to P5.5 billion from P3.88 billion, on the back of higher prices and unit sales nationwide. Market acceptance of the firm’s contract-to-sell Gold program, which came from the state-run Home Development Mutual Fund or Pag-IBIG Fund, also helped boost its housing sales, it said.

Medium-rise buildings sales jumped 63.77 percent to P652 million from P398 million a year earlier.